Carmax Mining agreement to acquire Tireo Gold

2013-02-07 16:23 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing a letter of intent dated Jan. 17, 2013 (as amended Jan. 29, 2013), between Carmax Mining Corp., Beneath the Surface Capital Corp., Eric Coffin and J. Campbell Graham whereby Carmax will acquire a 100-per-cent interest in Tireo Gold Corp. and its wholly owned subsidiary, Corporacion Minera Constanza SRL, specifically for the purpose of acquiring the underlying assets of the subsidiary which consists of a 100-per-cent interest in and to two mineral exploration concessions located in the Dominican Republic.

Total consideration consists of $500,000 in cash payments, five million shares of the company and $1.7-million in work expenditures.

In addition, there is a 3-per-cent net smelter return relating to the acquisition. The company may at any time purchase up to 2 per cent of the net smelter return for up to $2-million in order to reduce the total net smelter return to 1 per cent.

Brien Lundin will receive a finder's fee of $31,875 and 455,357 common shares.